More first-time homebuyers need help from their parents to purchase a property in the Okanagan/Kamloops region (file)

More first-time homebuyers need help from their parents to purchase a property in the Okanagan/Kamloops region (file)

90 per cent of first-time B.C. homebuyers need financial help: report

Compared to 2015, only 70 per cent of first-time homebuyers needed financial help

Purchasing a house has become increasingly harder for first-time homebuyers in B.C., even more so for those living in the Okanagan/Kamloops region.

According to a recent 2019 BC Notaries Association real estate report, more first-time homebuyers are requiring financial help from their parents to buy a property.

In 2019, the report said 86 per cent of notories reported that first-time homebuyers required financial help from their parents to secure a down payment for a home. Out of those homebuyers, 92 per cent needed help with a down payment of less than 25 per cent.

READ MORE: Central Okanagan residents need to make $52,000 annually to live comfortably: report

Between 2015 and 2019, the report there were three per cent more first-time homebuyers requiring financial support to secure a down payment.

Across the province, 90 per cent of first-time homebuyers needed help from their parents to secure a home, up from 70 per cent in 2015.

READ MORE: Central Okanagan residents need to make $52,000 annually to live comfortably: report

Province wide, there was a 40 per cent reduction in homebuyer activity reported by notaries.

The report stated increased mortgage restrictions, lack of supply, and new taxes as some of the biggest hurdles for first-time homebuyers trying to enter the B.C. real estate market.

Between 2012 and 2018, a single-detached home in the increased by 70 per cent to $779,000, in the Central Okanagan.


@connortrembley
connor.trembley@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ladysmith Mayor Aaron Stone has been re-elected as chairman of the board at the CVRD. (File photo)
Aaron Stone re-elected as chairman of the Cowichan Valley Regional District

Salmon Blaise, director for Mill Bay/Malahat, elected as new vice-chairman

North Cowichan strengthens some COVID-19 safety protocols, and introduces new ones, as the pandemic enters ts second phase. (File photo)
North Cowichan and CVRD implementing new COVID rules

Municipality reacting to new public health orders

Search and rescue crews from all over Vancouver Island responded to calls to assist with the search for a 19 year-old man with medical issues who got lost on trails in the south end of Duncan on Nov. 21. The man was found Sunday morning and taken to hospital for assessment. (Submitted photo)
Duncan man rescued after getting lost on local trails

19-year-old taken to hospital for assessment

Duncan’s Knights of Columbus hand out cheques to a slew of deserving organizations in an online event Nov. 8, 2020. (Submitted)
Duncan Knights of Columbus hand cheques to lucky 13 in virtual event

Another historic first for the Knights was to have two area mayors join the presentation

People wearing face masks to help curb the spread of COVID-19 cross a street in downtown Vancouver, on Sunday, November 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. reports 17 COVID deaths, 1,933 new cases as hospitalizations surge over the weekend

There are 277 people in hospital, of whom 59 are in ICU or critical care

Helen Watson, posing for a photo for her 100th birthday, turned 105 on Saturday (Nov. 21). (File photo)
B.C. woman who survived Spanish Flu marks 105 years

Helen Watson has packed a lot into life – including being in two pandemics

(Black Press Media files)
B.C. to test emergency alert system on cell phones, TVs, radios on Wednesday

The alert is part of a twice yearly test of the national Alert Ready system

Prime Minister Justin Trudeau speak to the media about the COVID-19 virus outside Rideau Cottage in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Adrian Wyld
Canada’s inability to manufacture vaccines in-house will delay distribution: Trudeau

First doses of COVID-19 vaccine expected in first few months of 2021, prime minister says

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Phillip Tallio was just 17 when he was convicted of murder in 1983 (file photo)
Miscarriage of justice before B.C. teen’s 1983 guilty plea in girl’s murder: lawyer

Tallio was 17 when he pleaded guilty to second-degree murder in the death of his 22-month-old cousin

This undated photo issued by the University of Oxford shows of vial of coronavirus vaccine developed by AstraZeneca and Oxford University, in Oxford, England. Pharmaceutical company AstraZeneca said Monday Nov. 23, 2020, that late-stage trials showed its coronavirus vaccine was up to 90% effective, giving public health officials hope they may soon have access to a vaccine that is cheaper and easier to distribute than some of its rivals. (University of Oxford/John Cairns via AP)
VIDEO: How do the leading COVID vaccines differ? And what does that mean for Canada?

All three of the drug companies are incorporating novel techniques in developing their vaccines

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers at the project site in Kitimat. This is where several employees are isolating after a COVID-19 outbreak was declared last Thursday (Nov. 19). (Photo courtesy of LNG Canada)
41 positive COVID-19 cases associated with the LNG Canada site outbreak in Kitimat

Thirty-four of the 41 cases remain active, according to Northern Health

Most Read